Vienna, 13 February 2018
Reasoned statement of BUWOG AG - Management Board and Supervisory Board recommend to accept tender offer by Vonovia
Today, the Management Board and Supervisory Board of BUWOG AG ("BUWOG") published their reasoned statements with respect to the offer document presented by Vonovia SE ("Vonovia") on 5 February 2018.
In these statements, following a due process of review, the Management Board and Supervisory Board recommend that the holders of securities in BUWOG accept the offer. This recommendation is described in more detail in the reasoned statement.
Following an in-depth examination, the Management Board and Supervisory Board of BUWOG have each formed the opinion that the offer price of EUR 29.05 per BUWOG share and the offered consideration to the holders of convertible bonds can be considered adequate from a financial point of view. The offer price for BUWOG Shares is significantly higher than both, the unaffected and historical weighted average prices of BUWOG shares over the last two years.
The Management Board and the Supervisory Board consider the premium on the closing share price on 15 December 2017 (trading day before the announcement of the offer) of 18.1 percent as adequate. Furthermore, the offer price is 16.8 percent above the most recently published undiluted EPRA Net Asset Value of the company as of 31 October 2017.
The acceptance period started on 5 February 2018 and ends on 12 March 2018. Provided that all conditions precedent are fulfilled at the end of the acceptance period, the settlement for the first offer period of the transaction is expected to be at the end of March 2018. The antitrust approvals, which are necessary conditions precedent for the completion of the transaction, have already been issued.
As of today, the joint reasoned statements on the offer are available on BUWOG's website at www.buwog.com.
The members of the Management Board of BUWOG AG and members of the Supervisory Board who hold BUWOG shares will accept the offer and tender their shares into the offer.
In connection with the offer, BUWOG is advised by Goldman Sachs as financial advisor and relating to Austrian Law by Schönherr Rechtsanwälte GmbH.
About the BUWOG Group
The BUWOG Group is the leading German-Austrian full-service provider in the residential property business and now looks back on 66 years of expertise. Its property portfolio encompasses around 49,000 units and is located in Germany and Austria. In addition to Asset Management, the entire value chain of the residential sector is covered by Property Sales and Property Development. The shares of BUWOG AG have been listed on the stock exchanges in Frankfurt am Main, Vienna (ATX) and Warsaw since the end of April 2014.
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